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Voluntary Life Insurance

Despite the fact that group life insurance is among the most frequently offered employee benefits in the U.S., 30% of full-time employees are not covered by a group life plan. Of even greater concern is that more than half of these individuals currently have no type of life insurance1.

Standard Features:

  • Flexible benefit designs to meet individual needs
  • Guaranteed coverage for all employees
  • Available to employers with 5 or more employees
  • Make payments through convenient payroll deduction
  • Individual purchase rights give a terminated employee the opportunity to convert his or her coverage (and spouse and child coverage if elected) to an individual life insurance policy, allowing for continued coverage

Optional Features:

  • Accidental Death and Dismemberment (AD&D) coverage2 provides an enhanced benefit in the case of accidental death or dismemberment.
  • Dependent life insurance can be purchased by your employees to cover the loss of a spouse or child.
  • Accelerated benefits provide a way to help a terminally ill employee maintain health, financial, or personal needs before death.
  • Flexible Waiver of Premium options allow coverage to continue and premiums to be waived if an employee qualifies under this provision.
  • Portability allows employees and their dependents to continue life insurance coverage if their employment ceases. Employees are eligible to port up to $500,000 and spouses can port up to $250,000 of coverage. Rates are based on the current portability insurance rates in effect and are subject to change annually on May 1. Employees who want to port coverage need to submit a portability application and the first month’s premium within 60 days (31 days in New York) of their termination date.
    • Full portability - coverage continues until the employee reaches age 70
    • 3 year - coverage continues for three years from the date coverage is transferred
    • 5 year - coverage continues for five years from the date coverage is transferred

  • Conversion to an individual life insurance policy is available when the ported group coverage is terminated.
  • Free online access to a Will & Document Center that allows employees and their spouses to create a will, living will, healthcare power of attorney and financial power of attorney. Identity Theft Prevention and Action kits are also part of the service.3

For more information:

1LIMRA International, Group Life Insurance: Factors Affecting Industry Prospects, 2006

2In some states, certain provisions listed as AD&D may be paid as a Personal Loss Benefit.

3The use of the services provided by ARAG® Services, LLC should not be considered as a substitute for consultation with an attorney. Principal Life Insurance Company is not responsible for any loss, injury, claim, liability, or damages related to the use of the ARAG legal document service. Louisiana residents are not able to create a will through this service.

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